Cross-channel attribution is about attributing the credit for marketing results to where credit is due.
According to Forrester Research, about 87% of marketers and 85% of agencies misattribute credit: They either attribute all credit to the last touch point or have no way of attributing the credit in a meaningful manner.
Marketers and their agencies make five common mistakes that can be avoided by deploying cross-channel attribution techniques.
1. Nonexistent or Nonusable Data
Odds are that you are not collecting marketing data, or you have lots of data that you are not using to make the right marketing decisions.
Most data collected is in aggregate form, which is not useful for finding insights. Moreover, it is often spread over different entities such as agencies, publishers, media planners, and business units, and it is fragmented across several Excel and PowerPoint files, Access databases, and relational systems.
An integrated data warehouse for all marketing data and results—which is part of any cross-channel attribution strategy—is crucial for being able to act on the data you have.
2. Silos and Nonstandardized Key Performance Indicators (KPIs)